The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LOS ANGELES, United States — Guess Inc. on Wednesday reported fiscal second-quarter net income of $32.3 million.
On a per-share basis, the Los Angeles-based company said it had profit of 38 cents. Earnings, adjusted for non-recurring gains, came to 14 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.
The clothing company posted revenue of $545 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $554.5 million.
ADVERTISEMENT
Guess expects full-year earnings in the range of 62 cents to 75 cents per share.
Guess shares have fallen 21 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $14.90, a decrease of 26 percent in the last 12 months.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.